Core Viewpoint - The Shanghai World Artificial Intelligence Conference 2025 emphasizes the importance of enhancing supply-demand connections and deepening the layout of new AI application scenarios [1] Group 1: AI Application Development - Shanghai is soliciting over 50 city-level demonstration scenarios to provide training grounds and experimental fields for vertical application development, implementation, iteration, and promotion [1] - Key areas of focus include the establishment of a financial model application base and the release of a medical AI work plan [1] - The introduction of the "Hu Xiaoyou" intelligent agent aims to provide personalized services [1] Group 2: Industrial AI Empowerment - The city is accelerating the formulation of the "AI + Manufacturing" action plan, targeting ten manufacturing sectors including electronics, automotive, marine engineering, and aerospace [1] - A comprehensive approach is being taken to create complex scenarios, intelligent products, and benchmark factories [1] Group 3: Training and Expert Guidance - Continuous training sessions titled "Molding Shanghai" are being held to invite industry experts to guide enterprises in AI+ project construction [1] - A platform for supply-demand matching is being actively built to support the development of AI applications [1]

Group 1 - The military industry sector continues to experience fluctuations, with the CN5082 aerospace industry index down by 0.97% as of 10:10 AM on July 10, 2023, while individual stocks show mixed performance [1] - The Aerospace ETF (159227) decreased by 1.37%, with a trading volume of 39.59 million yuan, leading its category. It has seen a net inflow of funds for 10 consecutive trading days, totaling 243 million yuan, with its scale doubling on the 10th [1] - China's Ministry of National Defense spokesperson indicated a cautious and responsible approach to military exports, suggesting an increase in participation of Chinese military enterprises in the international arms trade market, which could expand revenue growth opportunities [1] Group 2 - The Aerospace ETF (159227) tracks the CN5082 aerospace index, which has a high military attribute with 98.2% of the Shenwan first-level military industry, and a significant focus on aerospace equipment with a weight of 66.5% [2] - Northeast Securities noted that as the 14th Five-Year Plan enters its final year, disturbances in the military industry have largely dissipated, with downstream demand showing signs of recovery. The long-term goals for 2035 and 2050 provide clear guidance for industry development [2] - The defense and military sector is expected to see significant improvements due to recovering demand and optimized capacity structure, indicating a high safety margin and long-term growth certainty [2]

当地时间7月9日，美股三大指数收高，标普500指数连续两个交易日下跌后反弹。英伟达盘中突破4万亿 美元大关。 纪要显示，美联储工作人员在上次会议上指出，贸易政策紧张局势缓和，全球经济增长前景改善，投资 者风险情绪高涨。以色列和伊朗之间的军事冲突在能源市场之外只留下了有限的影响。市场暗示的联邦 基金利率在未来一年的走势在会议间歇期有所上升。 美联储工作人员认为，关税上调预计将推高今年的通胀，并在2026年小幅提振通胀。 美联储会议纪要显示内部分裂为三大阵营。美国总统唐纳德·特朗普威胁大幅提高进口铜和药品关税 后，投资者密切关注贸易局势最新动向。 道指涨217.54点，涨幅为0.49%，报44458.30点；纳指涨192.88点，涨幅为0.94%，报20611.34点；标普 500指数涨37.74点，涨幅为0.61%，报6263.26点。 纳指一度上涨至20645.41点，创盘中历史新高。 美联储会议纪要反映出对未来通胀路径存在内部分歧 最新公布的美联储6月会议纪要显示，联邦公开市场委员会（FOMC）成员在上次会议上同意将联邦基 金利率目标区间维持在4.25%至4.5%之间。与会者一致认为，尽管净出口波动影响了数 ...

Group 1 - The Ministry of Commerce of China has announced the inclusion of eight Taiwanese entities in the export control list for dual-use items, signaling a strong political response to Taiwan's pro-independence stance under Lai Ching-te's administration [1][2][3] - The listed entities include key military research and manufacturing organizations in Taiwan, involved in various sectors such as aviation, missiles, and naval vessels, indicating their significant role in Taiwan's defense capabilities [2][3] - The entities are engaged in both military and civilian applications, highlighting their dual-use nature, which raises concerns about their reliance on mainland components for production [3][6] Group 2 - The affected companies include Hanxiang Aerospace, which develops Taiwan's indigenous fighter jets and drones, and the Chungshan Institute of Science and Technology, responsible for various missile systems [2][3] - The response from Taiwanese companies suggests that they believe their military operations will not be significantly impacted, despite acknowledging potential effects on civilian operations due to reliance on mainland supply chains [5][6] - Analysts indicate that the export control measures are a clear warning to Taiwan's authorities, especially in light of recent military exercises and tensions in cross-strait relations [7][8]

Core Insights - The "14th Five-Year Plan" has led to significant technological achievements in China, including the launch of the first domestically produced aircraft carrier and the first large cruise ship, showcasing the country's innovation capabilities [1] - These achievements are not isolated incidents but are the result of a long-term strategic plan combined with incremental breakthroughs in various sectors [2] Group 1: Innovation Ecosystem - The success of these technological milestones relies on a multifaceted innovation ecosystem, including policy support, capital investment, talent cultivation, and collaboration between academia and industry [2] - China's vast market, with over 1.4 billion people, serves as a fertile ground for innovation, providing a testing ground for new technologies and accelerating their development [2] Group 2: Policy and Financial Support - The Chinese government has significantly increased fiscal support for technological innovation, with tax reductions and refunds amounting to 636.1 billion yuan from January to May this year [3] - Specific policies aimed at high-tech enterprises, such as a reduced corporate income tax rate of 15%, have provided strong incentives for innovation [3] Group 3: Global Collaboration - The achievements in technology are also a product of global collaboration, emphasizing that self-innovation does not equate to isolation [4] - The C919 aircraft's compliance with international airworthiness standards marks a shift from domestic production to international integration in the aviation sector [4] - The movement of innovation elements across regions, such as from Beijing's "unicorn" companies to Shenzhen's cross-border innovation platforms, highlights the interconnected nature of the innovation ecosystem [4]

Quantitative Models and Construction Methods - **Model Name**: Guozheng Aerospace and Aviation Industry Index (CN5082.CNI) **Model Construction Idea**: The index is designed to reflect the market performance of aerospace and aviation industry companies listed on the Shanghai, Shenzhen, and Beijing Stock Exchanges [41][42] **Model Construction Process**: 1. **Sample Space**: Select A-shares and red-chip enterprises' depositary receipts that meet the following conditions: - Non-ST/*ST securities - Listed for over 1 year (for STAR Market and Beijing Stock Exchange securities) or over 6 months (for other securities) - No major violations or financial reporting issues in the past year - No abnormal price fluctuations during the observation period - Belong to the aerospace and aviation industry under Guozheng's tertiary industry classification [43] 2. **Candidate Pool**: - Calculate the average daily free-float market capitalization and average daily trading volume over the past six months for eligible securities - Exclude the bottom 10% of securities ranked by trading volume if the pool exceeds 10 securities [43] 3. **Sample Selection**: - If the candidate pool contains ≤30 securities, all are included - If the pool contains 30<N≤50 securities, select securities covering 85% of free-float market capitalization, rounded to the nearest multiple of 10 [43] - If the pool contains >50 securities, select securities covering 85% of free-float market capitalization, rounded to the nearest multiple of 10, capped at 50 securities [43] 4. **Weighting**: Free-float market capitalization weighting [43] 5. **Adjustment**: Regular adjustments occur semi-annually, with temporary adjustments for special cases like delisting or corporate actions [44] **Model Evaluation**: The index is highly focused on the aerospace and aviation sector, with a strong representation of small-cap stocks and high exposure to the defense industry [44][47] Model Backtesting Results - **Guozheng Aerospace and Aviation Industry Index**: - **Annualized Return**: 6.26% (past five years) [61][62] - **Sharpe Ratio**: 0.33 (past five years) [61][62] - **Maximum Drawdown**: -55.93% (past five years) [61][62] - **Annualized Volatility**: 34.13% (past five years) [61][62] - **Recent Performance**: 33.78% return in the past year, outperforming other broad-based indices and military-themed indices [64][66] - **Bull Market Elasticity**: Demonstrated strong performance during bull market periods, with gains of 40.56%, 50.90%, and 38.36% in specific intervals [65] Quantitative Factors and Construction Methods - **Factor Name**: "Military Exposure" **Factor Construction Idea**: Focus on stocks with high exposure to the defense industry, particularly aerospace and aviation [47][55] **Factor Construction Process**: - Select stocks with significant involvement in defense-related activities, such as aircraft manufacturing, satellite technology, and unmanned systems [47][55] - Weight stocks based on their free-float market capitalization [43][55] **Factor Evaluation**: The factor achieves high representation of military-related stocks, with 97% of the index's components belonging to the defense industry [47][55] - **Factor Name**: "Aerospace Exposure" **Factor Construction Idea**: Emphasize stocks within the aerospace and aviation sub-sector [47][60] **Factor Construction Process**: - Identify stocks classified under the aerospace and aviation sub-sector [47][60] - Weight stocks based on their free-float market capitalization [43][60] **Factor Evaluation**: The factor has a high concentration in aerospace stocks, with 51% of the index's weight allocated to this sub-sector [47][60] Factor Backtesting Results - **Military Exposure Factor**: - **Representation**: 97% of index components belong to the defense industry [47][55] - **Aerospace Exposure Factor**: - **Representation**: 51% of index weight allocated to aerospace stocks [47][60] - **Unmanned Systems Factor**: - **Representation**: Over 12% of index weight allocated to stocks involved in unmanned systems, such as drones [60]

Core Viewpoint - The successful listing of the first low-altitude economy asset-backed securities (ABS) in China, with a total issuance scale of 584 million yuan, marks a significant financial innovation aimed at supporting the development of the low-altitude economy and aerospace industry in Guangzhou [1][3][5]. Group 1: Financial Innovation and Market Impact - The ABS, named "Jinyuan-Guojun-Science City Leasing Greater Bay Area Intelligent Manufacturing Integration (Phase II)," is the first of its kind in the low-altitude economy sector, with securities codes 146523, 146524, and 146525 [3][5]. - The underlying assets of the ABS primarily consist of helicopters and related leasing equipment, providing a strong foundation for regional low-altitude economic development [5][10]. - The issuance achieved a record low interest rate for the priority A1 tranche at 1.9%, with a total subscription multiple of 4.17, indicating strong investor confidence [10][12]. Group 2: Strategic Development and Future Prospects - The chairman of Science City (Guangzhou) Leasing emphasized the company's rapid growth in the general aviation sector, with a fleet exceeding 20 aircraft and a comprehensive service model covering various applications [7][8]. - The low-altitude economy is projected to exceed 580 billion yuan by March 2025 and potentially reach 3.5 trillion yuan by 2035, highlighting the sector's growth potential [8][14]. - The establishment of the ABS is seen as a new paradigm for financing in the low-altitude industry, providing a replicable model for future financial innovations [14][15]. Group 3: Regional Development and Collaboration - Guangzhou Development Zone and Huangpu District are becoming key areas for low-altitude economic development, with a current industry scale of approximately 15 billion yuan and over 50 related enterprises [14][15]. - The local government has introduced supportive policies, such as the "Low Altitude 11 Articles," to enhance financial support and services for the low-altitude economy [14][15]. - Science City Leasing is actively fostering regional economic growth through an "investment-leasing-recruitment" service mechanism, successfully attracting general aviation companies to the Huangpu area [15].

今日市场全天冲高回落，三大指数涨跌不一。军工概念股早盘跟随大盘冲高，航空航天ETF天弘（159241）盘中一度涨超1%，持仓个股中，北方导航、 内蒙一机涨逾2%。 每日经济新闻 有券商表示，展望2025年，军贸和军用技术转化带来的新市场等方向或蕴含更大弹性。此外，我国军工企业在无人机、战机等领域的技术优势凸显，成为 军贸主要增量，航空航天板块是核心受益方向。未来投资军工，要更加关注抢占"制空权"。 消息面上，据央视新闻报道，9月3日将举行阅兵。这次阅兵，参阅的所有装备均为国产现役主战装备，在展示新一代传统武器装备的基础上，也安排部分 无人智能、水下作战、网电攻防、高超声速等新型作战力量参阅。机构人士认为，当前面临全球变局+军贸新逻辑+基本面拐点到来，本轮军工行情有望 持续更长时间，或有望重现月度级超额行情。 资料显示，航空航天ETF天弘（159241）一键配置航天装备、国产大飞机、低空经济、军工信息化等概念股，是军工行业的细分领域，标的指数99%属于 国防军工行业，相比其他军工类指数占比更高，纯度更高，更细分，更符合当下市场关注，在军工类指数ETF中投资价值更高。 截至收盘，航空航天ETF天弘（159241） ...

Core Viewpoint - The State Administration for Market Regulation and the Ministry of Industry and Information Technology have issued the "Action Plan for Measurement Support for the Development of New Quality Productivity (2025-2030)", focusing on enhancing measurement capabilities in various key industries through advanced technologies such as artificial intelligence and smart manufacturing [1][2]. Group 1: Overall Requirements - The plan aims to support the development of new quality productivity by addressing major measurement needs in key industries, including information technology, artificial intelligence, aerospace, new energy, new materials, high-end equipment, biomedicine, quantum technology, integrated circuits, and instruments [1][2][3]. Group 2: Key Areas of Focus - **New Generation Information Technology**: Focus on measurement needs in advanced information technology fields such as chip development and high-precision time-frequency services [2]. - **Artificial Intelligence**: Emphasize the establishment of measurement testing platforms for AI algorithms and systems, enhancing evaluation capabilities [2]. - **Aerospace**: Conduct research on measurement technologies for spacecraft, commercial aircraft, and low-altitude economy [3]. - **New Energy**: Address measurement needs in solar, wind, nuclear, and hydrogen energy sectors, focusing on safety and efficiency [3][4]. - **New Materials**: Develop measurement methods and standards for advanced materials used in defense and emerging industries [5]. - **High-End Equipment**: Research measurement technologies for intelligent transportation and manufacturing equipment to reduce reliance on imports [6]. - **Biomedicine**: Focus on measurement technologies for pharmaceuticals and medical devices to enhance healthcare outcomes [7]. - **Quantum Technology**: Develop precision measurement technologies for quantum communication and computing [8]. - **Integrated Circuits**: Address measurement challenges in the integrated circuit industry, including standardization and defect detection [9]. - **Instruments and Meters**: Innovate measurement technologies for high-end instruments to support domestic production [10]. Group 3: Implementation and Management - The plan includes a project demand collection process, establishment of a project database, selection of key projects, and a comprehensive management system to ensure effective implementation and monitoring [8][9][10].

Core Insights - The 2025 International Low Altitude Economy Expo will take place from July 23 to 26 in Shanghai, featuring an exhibition area of 60,000 square meters and nearly 300 exhibitors, with an expected attendance of over 50,000 visitors [1][3]. Group 1: Event Overview - The expo will showcase over 19 global product launches and 25 domestic product launches, focusing on cutting-edge products in the low altitude economy sector, including drones and eVTOLs [3]. - Key products include the world's first 7-seat, 3-ton eVTOL flying car platform, large fixed-wing drones, hydrogen drones, and various aviation systems [3][5]. Group 2: Featured Products - The Vector5 eVTOL, developed by Weixin Aerospace Technology, will be globally launched at the expo, designed for medical rescue and search scenarios with advanced safety features [5]. - The AI-101, a large fixed-wing intelligent drone, boasts a takeoff distance of approximately 40 meters and a cruising speed of 180 km/h, suitable for short-distance logistics and agricultural applications [7][9]. - The RC-3 Seabee amphibious aircraft, known for its reliability and versatility, will also be showcased, highlighting its applications in regional aviation and emergency rescue [9][11]. Group 3: Innovations and Technologies - The expo will feature the M1 eVTOL, which aims to reduce urban commuting time to 15-30 minutes, and the Skylar-VE25-100 aircraft for various low altitude applications [11]. - New technologies such as a 100KW aviation range extender and the H100 hydrogen drone, capable of operating in extreme temperatures, will be presented, addressing current limitations in electric propulsion systems [11][13]. - Infrastructure developments, including a vertical takeoff and landing platform and a flight simulator utilizing VR/XR technology for pilot training, will also be highlighted [13]. Group 4: Industry Participation - Major companies such as DJI, Postal Express, and various traditional aviation industry leaders will participate in the expo, showcasing their contributions to the low altitude economy [13].